Diamond Sports Group, owner of Bally Sports regional TV networks, files for bankruptcy

Via the Minneapolis Star Tribune:

Diamond Sports, which owns 19 Bally Sports regional networks — including Bally Sports North — made official its bankruptcy filing Tuesday, an unsurprising move that nonetheless brings the perilous nature of the future of local sports on TV into further focus.

While Diamond pledged to continue broadcasting the games of the 42 teams across the NHL, NBA and MLB that fall under the Bally umbrella, it’s clear that the affected leagues are at the very least creating plans — both short- and long-term — for an upcoming time when the distribution model will be quite different.

Via the Cleveland.com:

The DSG release said it filed for bankruptcy to eliminate over $8 billion in debt. DSG is a subsidiary of Sinclair Broadcast Group. The release said, “DSG expects that its Bally Sports regional sports networks (“RSN”) will continue to operate in the ordinary course during the Chapter 11 process. Diamond is well capitalized with approximately $425 million of cash on hand to fund its business and restructuring.”

David Preschlack, CEO of Diamond, in the release said, “DSG will continue broadcasting games and connecting fans across the country with the sports and teams they love. With the support of our creditors, we expect to execute a prompt and efficient reorganization and to emerge from the restructuring process as a stronger company.”

Author: Inside Hoops

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